USDX (USD Index)
U.S dollar index reverses the bearish close yesterday and start moving upward. It almost erased all the loss and might attempt to move higher to retest 100.00. In the latest analysis, we mentioned that, if the index fails to print new lower swing low, then there is chance of double bottom formation and bullish attempt. A close above 101.79 will confirm the pattern and open an upward path to test 103.00 – 103.74 area.
EUR/USD
EUR/USD trading lower again, back to the 1.1300 – 1.1360 area. The pair might test the area and wait for conclusion. If the pair breakout lower, then there is a chance of bearish continuation to test 1.1000 support level. On the other hand, if the pair manage to defend the area and bounce upward strongly, then it will target the previous swing high.
Today’s critical levels to watch:
Support: 1.1360, 1.1300, 1.1185, 1.1000
Resistance: 1.1500, 1.1580
GBP/USD
GBP/USD slightly flat today, inside previous day’s range. The pair has bounced from the 1.3450 support level and expected to retest the 1.3600 level. If the pair could break out higher, then it will target 1.3835 and 1.4000 resistance levels. However, if the pair breakout below 1.3450 then it might target the 1.3250 level.
Today’s critical levels to watch:
Support: 1.3450, 1.3330, 1.3300
Resistance: 1.3600
USD/JPY
USD/JPY recover from previous day’s bearish move. The pair has recovered to the weekly opening level and might attempt to continue moving upward. On the upside, 145.00 is the resistance level to watch. On the lower side, 142.00 is the support level to watch. At the current time, the pair is trading between 142.00 – 145.00 and traders will wait for close outside the range.
Today’s critical levels to watch:
Support: 142.00, 140.00, 138.00
Resistance: 145.00, 149.20, 150.00
AUD/USD
AUD/USD experience another rejection from the top of green box area. The pair slightly lower near the daily SMA 200. If the weakness continues, then the pair will move toward the bottom of the green box area. When the pair makes a breakout and close outside the range, traders will get confirmation on where the pair will move next.
Today’s critical levels to watch:
Support: 0.6350, 0.6250, 0.6000
Resistance: 0.6500, 0.6700